The pace of existing home sales fell 1.8% to an annualized rate of 5.05 million.
Economists estimated sales would climb to a 5.20 million pace.
“There was a marked decline in all-cash sales from investors,” said Lawrence Yun, chief economist of the National Association of Realtors.. “On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.”
The median existing-home price was $US219,800, up 4.8% from a year ago.
“This marks the 30th consecutive month of year-over-year price gains,” the NAR noted.
Inventory fell 1.7% to 2.31 million units, which represents a 5.5 month supply.
This is potentially worrisome as the decline occured before the September rally in mortgage rates.